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What is Augur

What is Augur

Augur is a decentralized platform that gives rewards it users for correct predictions for specific real-world events and is fueled by the virtual coin with the same name (its abbreviation is REP). The predictions can be made almost about any event with any possible outcomes. Be it a certain political figure to take a certain post or a movie star winning another Oscar – you can bet your REPS on it. To make a prediction users trade their virtual shares and get reward according to their bets.

Augur crypto project represents the so-called “wisdom of the crowd” to make accurate predictions on the events. This means that the project relies on the average prediction made by a group of people will always be more accurate than the one made by a single individuum or a survey.

Advantages of using Augur

Being a digital currency, Augur gives its users certain benefits in comparison with traditional fiat money (USD, EUR, etc.).

Security

Augur coin is based on the blockchain technology and thus is much more secure than all the traditional payment methods. Keep your funds safely on your wallets and be sure that no one will interfere into your transactions.

Faster payments

The coins are transferred much faster than traditional banking system can offer.

Decentralization

Augur network is decentralized as the blocks are mined by many users all over the world. There’s no central authority to monitor the network and no one to take control over it.

Augur definitions

Cryptoasset

Any asset secured by cryptography is named a cryptoasset. Bitcoin is the first cryptoassset in history and all other coins are its derivatives. Mostly, cryptoasets are based on blockchain technology.

Exchange

This is a specific platform where you can switch cryptoassets in pairs between eacj other for profits..

Node

This is the name of a public ledger where all the crypto transaction history is kept.

Market cap

This is an index that is used for estimating crypto assets, It can be calculated by multiplying the total value of the coin supply by the price per coin.

Augur investment strategy

There are many ways of making money in crypto area.

You can make a thorough fundamental and technical analysis of different altcoins, select the ones that look promising, buy and hold them for a long term till they grow in price. Such a strategy is called “buy&hold” and it’s the easiest for those who don’t want to spend most of their time analyzing graphs.

This strategy can be applied to Augur. If it has the chances to replace fiat currency a least a little bit then it will surely increase in value. After that you can exchange it for fiat and calculate your profits.

The service TradingView can be helpful here. You can set up notifications for any price changes there and receive emails when Augur price reaches a certain level.

Please, note that we don’t give any financial advice here, This article is for information purposes.

Where to keep REP coin

If you’ve decided to include Augur into your long-term portfolio then you should find a way to store it securely. If a hacker breaks into your wallet and steals your funds there will be no one to guard the transactions and give you money back.

In this article, we’re going to review the most popular and secure wallets that support Augur.

Hardware wallets

Ledger Nano S

This is a hardware wallet that is considered one of the most secure ones for storing cryptos. Nobody else but you has the access to it and only you can control the private keys. It’s fully compatible with Mac, Windows, Linux and Android and gives you freedom to keep as many REP coins on it as you wish.

Trezor

One more hardware wallet that is also very secure. It has a 2-factor-authentication feature and is integrated with popular password management tools, so you don’t have to memorize a difficul password.

Desktop / Mobile wallets

Exodus

This is a software wallet that can be used on Mac, Windows and Android. Most of altcoins are supported as well, including Augur.

Myetherwallet

Augur is based on smart contracts and can be stored on MyEtherWallet together with similar altcoins.

How to transfer REP securely

The best thing about cryptocurrencies is that they are decentralized and no central authority can block your funds. Only you have access to your coins and only you can make a transaction to another user. But every medal has a dark side and the biggest security issue is associated with this feature. If you send your coins to a wrong address no one will be able to help you to get them back. That’s why you should always pay specific attention when making transactions with cryptocurrencies.

Here are some best practices for making payments with Augur.

Never type a wallet address manually

Typically, cryptocurrency addresses consist of many numbers and letters which makes it very hard to memorize them. Also, very easy to make a mistake when you try to type these addresses manually. That’s why you should always follow at copy-paste procedure when making an attempt to send your coins to somebody else.

Look up the transaction fee

Crypto transactions imply a certain fee. Of course, it is much smaller than banks charge their customers, but still, sometimes these fees can also be high. That’s why you should always check the fee before you send your coins and make sure that it is reasonable.

Double check the address

Even if you copy-paste ad address of your recipient, you might still get it wrong if your computer is infected by a virus. There are certain viruses on the web that are designed to replace the address you’re about to send your money to the one that belongs to hackers.

Always check that the address coincides with the one you want to send your coins to. Look for the first and the last several items and make sure they correspond.

Test before sending

It’s a very good practice to test your transaction by sending a small amount of money first. If everything goes smoothly and your recipient receives the money, then you can send the rest.